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EDA MINUTES July 22, 2019 DRAFT DATE : July 22, 2019 TIME STARTED : 6:55 p.m. TIME ENDED : 7:08 p.m. MEMBERS PRESENT : EDA Members Stoesz, Reinert, Rafferty, Maher, Manthey MEMBERS ABSENT : None OTHERS PRESENT: : Community Development Director Michael Grochala; City Administrator Jeff Karlson; City Clerk Julie Bartell The meeting was called to order at 6:55 p.m. by EDA President Maher. CONSIDERATION OF THE MINUTES OF FEBRUARY, 2019 February 11, 2019 Economic Development Authority (EDA) Member Stoesz moved to approve the minutes as presented. EDA Member Maher seconded the motion. Motion carried on a voice vote. ACTION ITEMS A. Lyngblomsten Senior Community: i. Consider Resolution No. 19-01, Approving Tax Increment Financing Plan for District 1-13 — Community Development Director Grochala reviewed the written report that includes information on elements of the proposed project, how the project has come forward to the council, developer's request for financial assistance for the project in the form of tax increment financing, and elements of the City's proposal to provide tax increment financing for the project. Mr. Grochala reviewed the total amount available for increment and the proposal for providing tax increment ($3.2 million). The City Council held a public hearing on this and no public comment was received. The Plan was approved at that time. He noted that the council is currently being asked to consider a contract for private developmenet which lays out the details for the assistance provided. He reviewed how increment will be provided. He noted that staff has continued to have discussions about the valuation figures and a change is noted in the report. Julie Eddington, Kennedy and Graven, public finance counsel, addressed the council. She offered a reminder that the independent and skilled living will include 20% affordable units. She noted provisions in the contract that could reduce the tax increment note: lower construction costs and/or costs are lower for the later developed skilled nursing element, and/or if the developer sells their land around the facility at a profit. In the minimum assessment agreement, the number will be increased after the meeting and prior to execution of the contract. EDA Member Reinert noted the council's request that construction costs be followed. Community Development Director Grochala said they have WSB reviewing the numbers and will also have BakerTilly providing auditing services; there will be review prior to submittals. ii. Consider Resolution No. 19-02, Approving Contract for Private Development